Ethena Surges 25% After Upbit Listing: Can ENA Rally Toward $0.46?

ENA Price Spikes After Major Upbit Exchange Listing

Ethena (ENA) has captured the spotlight in the cryptocurrency market with a remarkable 25% price jump following the announcement of its listing on Upbit, South Korea’s largest crypto exchange by trading volume. ENA is now trading around $0.37, climbing from recent lows and approaching the upper limits of its established trading range. This sudden surge comes amid a sharp increase in trading volume, which has soared more than 300% in the last 24 hours.

Technical Breakout Signals Strong Bullish Momentum

For the past several weeks, Ethena has been consolidating between $0.24 and $0.46, with its price action forming a descending triangle pattern — generally seen as a bearish indicator in crypto technical analysis. However, ENA defied expectations by breaking out above the upper trendline resistance, a move accompanied by heavy buying activity. This bullish breakout could signal the start of a new upward phase for ENA, with eyes set on challenging the $0.46 resistance zone.

Analysts note that if Ethena can maintain support around the crucial $0.30 area during any potential pullback, it may provide the foundation for further gains. Holding this level could confirm the strength of the breakout and encourage more traders to target higher prices within the current range.

Upbit Listing Drives Volume and Hype

The catalyst for ENA’s rally was its added trading pairs on Upbit, which now allows trading in Korean Won (KRW), Bitcoin (BTC), and Tether (USDT). Historical patterns suggest Upbit listings can lead to dramatic price swings, as seen recently with Hyperlane (HYPER) and Babylon (BABY) tokens, which quickly attracted significant investor attention after their listings.

Ethena’s price action is further supported by a positive trend across the wider crypto market, with Bitcoin shattering records by surpassing $118,000 and reaching a new all-time high, fueling bullish sentiment alongside altcoins.

Token Unlocks and Future Outlook

Despite regular token unlocks — including the latest batch of 171 million ENA tokens, worth over $63 million — Ethena has managed to hold steadfast at the $0.24 support since April. Previous unlock events, such as June’s substantial cliff unlock, have tested this level but failed to break it. This consistent support amid increased supply suggests resilience among ENA holders.

Looking forward, traders and investors will be watching to see if ENA can consistently hold above the $0.30 breakout zone. Sustaining momentum here could pave the way for a sustained rally and a possible breakout toward the $0.46 resistance — a move closely tracked by both technical analysts and blockchain enthusiasts alike.